Ukrainian crisis heats gold

Ukrainian crisis heats gold

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The cost of precious metals trades on Friday , March 14 , in New York has changed in different directions . The official spot prices were: Gold – 1383 usd . / Ounce ( 0.79 %), silver – 21.56 usd . / Ounce ( 1.35 % ), platinum – 1471 usd . / Ounce ( -0.75 %) , palladium – 775 usd . / ounce ( -0.65 %).

Precious metals are the next portion of the support on the background of geopolitical uncertainty . Conflicts in the Ukraine and the Crimea boosted prices to levels in October 2013. These events , coupled with the growth in the euro / dollar after the ECB meeting helped to improve the position of gold , says strategist and director of exchange-traded products brokerage Saxo Bank Ole Slot Hansen . Now , the yellow metal is trading at a sufficient distance from the lows of 2013 . and 200 -day moving average , which runs at 1300 dollars . / oz . After breaking this line purchases were mainly carried out technical and hedge funds that have not been resolved to enter the market in anticipation of the next year for the gold complex . Physical purchase volume in the beginning of the year was more substantially reduced , and although demand for bars and coins stored , buyers are not willing to enter into transactions at any price.

Silver was unable to catch up during the week gold. Meanwhile, the other metals used in the industry , such as copper, fell to a minimum level for 15 weeks . The reason for this was the news that China’s first in the history of the company announced a default on the bonds . This raises concerns about the state of the financial system of the country , occupying the first place in the world for the consumption of industrial metals . As a result, silver is threatened further liquidation of long positions , said O.Hansen .

On Monday , March 17th, at 8:00 MSK gold futures stood at 1383.5 usd . / Ounce ( 0.33 %), silver – 21.4 usd . / Ounce ( -0.06 % ), platinum – 1476 usd . / ounce ( 0.43 %) , palladium – 778 usd . / ounce ( 0.61 %).

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